The new low-low mortgage rates

The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That’s the lowest on records dating back to 1971, and down from 4.32 percent the previous week.

The average rate on 15-year fixed loans, a popular choice for refinancing, dropped to 3.72 percent from 3.75 percent. That was lowest on records dating back to 1991.

That’s an average, so what’s available to specific borrowers may not hit those numbers exactly.

The LendingTree Weekly Mortgage Rate Pulse, which is a snapshot of the lowest and average mortgage rates available within the company’s lender network, this week showed mortgage rates at 4.35 percent for 30-year fixed mortgages, 3.81 percent for 15-year fixed mortgages and 3.32 percent for 5/1 adjustable-rate mortgages.

But the lowest mortgages rates available were 3.75 percent for a 30-year fixed rate, 3.25 percent for a 15-year and 2.75 percent for a 5/1 ARM.

Lending Tree thinks rates will fall even lower.

“Mortgage rates remain under pressure given continued weakening of economic conditions placing the Federal Reserve on alert to potentially enter into a second round of quantitative easing,” said Cameron Findlay, chief economist of LendingTree.com, in a prepared statement. “Any government interaction at this juncture will force rates lower.”